2009年-IMF国际货币组织全球_Executive_Board_Report_to_the_IMFC_on_Reform_of_Fund_Governance_4页_319kb

IMF Executive Board Report on Governance Reform (October 3, 2009)

Core Content

This report outlines the IMF Executive Board's considerations on governance reform, responding to the request in the last IMFC communiqué. The reform agenda aims to enhance the Fund's legitimacy, effectiveness, and responsiveness to the evolving global economic landscape, particularly in light of the recent financial crisis. The report addresses five key areas: fair quota share, high-level engagement, Executive Board effectiveness and representation, management selection and staff diversity, and updating the Fund's mandate.

Main Points and Key Information

I. Fair Quota Share

• The realignment of quota shares with current global realities is a defining issue and remains politically complex.
• The goal of completing the next quota review by January 2011 is ambitious, as the April 2008 quota and voice reform has not yet been ratified by many members.
• There is growing momentum to shift quota shares to reflect the true economic weight of emerging market and developing countries, with a target of at least 5% increase.
• Quota reform is essential for other reforms, including representation at the IMFC, Board composition, and voting rules. These may need to be considered as a package.
• The reform process can proceed in parallel with quota issues, focusing on areas such as engagement, decision-making, and management selection.

II. High-Level Engagement

• Enhanced ministerial and governor participation is critical for the Fund's effectiveness.
• The formalistic nature of IMFC meetings has hindered meaningful discussions, pushing debates to informal channels.
• The crisis has increased the importance of engagement, especially in areas like early warnings and exit strategies.
• Proposals for enhanced engagement:
  • Strategic priorities: The IMFC should define more specific work objectives.
  • Plenary size: Reduce the number of participants and improve interaction by limiting the plenary and increasing restricted sessions.
  • Informality: Expand the use of informal breakfast meetings.
  • Leadership: Consider a "troika" model with rotating leadership roles to promote broader participation and ownership.
  • Deputies' meetings: These should be used more strategically, focusing on agenda setting rather than testing drafts.
  • Communiqué drafting: Improve the process by making it more concise, forward-looking, and strategic, with early drafts circulated for feedback.

III. Executive Board Effectiveness and Representation

• The Executive Board is central to the Fund's decision-making and should be strengthened.
• A reduction in the number of Board chairs from 24 to 20 is unlikely to improve efficiency significantly, but increasing the representation of emerging market and developing countries is important.
• The Manuel Report suggests transitioning to a system of all elected Executive Directors, removing the current provision that allows the largest five quota holders to appoint directors.
• The Fund should maintain consensus-based decision-making, but there is debate over changes to voting rules, such as lowering the special majority threshold or adopting double-majority voting.

IV. Management Selection and Staff Diversity

• The selection of the Managing Director and Deputy Managing Directors should be open, transparent, and nationality-blind.
• A 2001 report recommended such principles, but they have not been fully implemented.
• A firm political commitment, including an IMFC statement against informal nationality understandings, is needed.
• Staff diversity—encompassing nationality, gender, education, and experience—should be enhanced to reflect geographic and professional diversity while maintaining technical competence.

V. Mandate

• The Fund's post-crisis role requires a reconsideration of its mission and mandate.
• The current focus on exchange rate stability is too narrow, and the Fund needs to engage more deeply with issues affecting global stability.
• Surveillance is limited by data gaps and should be strengthened through multilateral approaches.
• A formal change in the Articles may not be necessary at this stage; a declaration from the IMFC and associated policy adjustments by the Board could suffice.

Conclusion

The report emphasizes the need for comprehensive and timely governance reforms to ensure the IMF remains relevant and effective in the post-crisis era. While consensus on quota reform is emerging, the process remains politically challenging. Other reforms, such as improving ministerial engagement, enhancing Board effectiveness, ensuring open management selection, and updating the Fund's mandate, are also critical. These reforms must be pursued with care to maintain the Fund's legitimacy and institutional strength.